Lucid Group ( LCID 35.81%) stock is soaring today after the company announced a major new deal in the robotaxi space. The company's share price was up 40.2% as of 1:30 p.m. ET amid the backdrop of a 0.4% gain for the S&P 500 and a 0.7% jump for the Nasdaq Composite.

In a statement on Thursday, Lucid Group, Inc. (NASDAQ:LCID) said that it partnered with Uber for the deployment of more than 20,000 Lucid vehicles equipped with Nuro Inc.’s “Nuro Driver” over

The partnership will combine Uber's ride-sharing platform with Lucid's new electric SUV, the Gravity, and Nuro's autonomous driving technology. It'll be launching first in an unnamed "major US city," but is expected to roll out globally to more than 20,000 Lucid vehicles over the next six years.

More than four years after selling its self-driving vehicle division, Uber is pouring hundreds of millions into Lucid to launch its own robotaxis.

Ross Gerber is pushing back against a partnership between rideshare service Uber Technologies Inc. and automaker Lucid Group Inc.

With the ability to cover up to 450 miles on a single charge, the Gravity SUV is expected to function well as a robotaxi, since it will need less downtime for recharging. This way, vehicles will be available for riders more often. Tesla ’s own Model Y is being used as the brand’s robotaxi, but that has nowhere near the range of the Lucid Gravity.

Uber and Lucid today announced a deal to put 20,000 self-driving Gravity SUVs on the road over the next six years, starting in 2026.

Bloomberg journalists discuss today's biggest winners and losers in the stock market. Listen for analysis on the companies making news on Wall Street.